'Wake-up call': Gulf crisis tests shipping resilience and reshapes the dark fleet

Angelicoussis Group chief executive Maria Angelicoussis described the current period as one of the most disruptive in recent history. However, she stressed that both the global economy and the shipping industry have demonstrated remarkable resilience.

She noted that oil prices have risen but have remained at reasonable levels given the severity of the crisis. Fortunately, the situation has coincided with a seasonally weaker demand period, helping to mitigate some of the pressure on energy markets, Ms Angelicoussis explained.

Capital Maritime and Trading Corp founder and chairman Evangelos Marinakis also emphasised that many would have expected prices to rise even further. Nevertheless, he pointed out that with energy flows constrained across the region, consumers around the world continue to bear the cost for every day the Strait of Hormuz remains closed.

“The war should have ended yesterday,” he said, while expressing optimism that a solution would eventually be found. “A lot of cargoes are needed now to rebuild inventories worldwide,” Mr Marinakis added.

The crisis has also underscored the importance of shipping on a global scale.

“We tend to forget how important shipping is. This crisis has been a wake-up call,” said Dynacom Tankers, Dynagas and Sea Traders founder George Procopiou.

“Energy is synonymous with living standards,” he noted, adding that freedom of navigation is essential.

Commenting on vessels transiting the Strait of Hormuz, Mr Procopiou stressed that it is not shipowners who sail through these waters, but seafarers.

“They are dedicated crews with strong ties to the company. We are trying to support them and demonstrate that we are reliable not only in good times, but also in difficult ones,” he said.

Bahri Group chief executive and board member Ahmed Ali Alsubaey praised seafarers as the “unsung heroes” of the crisis.

“The role of our industry has become more important than ever,” he added.

Referring to Qatar and the group’s longstanding relationship with energy companies in the country, Ms Angelicoussis described them as “extremely experienced operators who will do everything humanly possible to restore production.”

“I can vouch for them,” she said.

Ms Angelicoussis also noted that the crisis has significantly tightened shipping markets, as vessels are now being forced to sail longer distances.

“The Panama Canal remains an unreliable and expensive option,” she said, referring to the inefficiencies affecting the route. As a result, many vessels are opting to sail around the Cape of Good Hope, effectively doubling tonne-mile demand.

She also highlighted the United States’ increasingly important role as an importer in global energy markets.

Dark fleet risks

Mr Procopiou pointed to what he described as one positive outcome of the conflict: the reduction of the so-called “parallel fleet” that had previously been serving Iran. According to him, these vessels often operated without adequate insurance, creating significant risks of pollution, environmental damage and loss of life.

He noted that with Venezuela gradually returning to conventional trade, two of the three main sources of demand for the “parallel fleet” have effectively disappeared, leaving Russia as the remaining source.

Speaking about the dark fleet, Mr Marinakis argued that the EU and the US should allow these vessels to be scrapped.

“If the war ends and the dark fleet continues to operate, it will mean that those of us who have invested in new vessels and advanced technologies have achieved absolutely nothing, despite taking significant risks,” he said.